ChatGPT audit shows major security flaw in memecoin

by

As a researcher with experience in blockchain security and smart contract audits, I find the ChatGPT’s analysis of the TWIF memecoin concerning. The centralization flaws identified in its code make it a risky investment for potential buyers.

As a crypto investor, I’ve recently come across some concerning news about Tomwifhat (TWIF), a memecoin that operates on both the Binance Smart Chain (BSC) and Ethereum smart contracts. According to ChatGPT’s security audit report released not too long ago, this coin exhibits significant centralization issues. In simpler terms, it seems that key aspects of Tomwifhat’s operations are controlled by a relatively small number of entities or entities with disproportionate influence. This could potentially lead to increased risk for investors and may impact the overall decentralization and fairness of the crypto ecosystem. I strongly encourage fellow investors to exercise caution when considering investments in Tomwifhat, and perhaps consider alternative memecoins that prioritize decentralization and transparency.

As December 2023 saw the emergence of Dog-Whatever (WIF), there’s been a surge in the production of fraudulent meme coins sporting the hat motif.

As a crypto investor, I’ve taken a closer look at the TWIF smart contract based on the analysis provided by ChatGPT. I noticed that the contract owner has implemented certain access control functions. Specifically, they have used “onlyOwner,” “transferOwnership,” “renounceOwnership,” and “claimStuckTokens” modifiers in the token’s code. These functions allow the contract owner to exercise specific permissions, such as transferring ownership of the contract or claiming stuck tokens.

TWIF functions as a centrally controlled asset due to the ability of its owner to redirect and freeze tokens. An audit has revealed that the deployer holds the authority to retrieve coins mistakenly transferred to the contract, as mentioned by ChatGPT.

“This is risky if used maliciously.”

Additionally, because the smart contract’s owner holds significant power, there’s a considerable risk of a possible exit scam or rug pull, as referred to by ChatGPT.

As a crypto investor, I’ve come across the TWIF contract during my research. Based on Coinsult’s security audit report that I’ve reviewed, there are certain functionalities missing in this contract which could be concerning. Specifically, the contract does not include “mint,” “blacklist,” and “setting fees” functions. This means that the owner of the contract cannot create new tokens out of thin air, prevent specific addresses from using the token, or set transaction fees for users. Moreover, the token cannot be used as a honeypot – a feature designed to keep users from selling their assets. This lack of control could potentially pose risks and limit the flexibility of the token’s usage.

As an analyst, I’ve observed that TWIF currently holds a market capitalization of approximately $7.7 million according to GeckoTerminal. At present, the token is being traded at around $0.0219. Notably, its daily trading volume stands at a relatively low figure of $26,200.

As a contract analyst, I would explain it this way: The TWIF smart contract follows the majority of ERC20 functionality guidelines. However, the reliability of this contract primarily rests with its owner because of the extensive control they hold over its operations.

A meme coin with sole ownership presents significant risks due to its high level of centralization. It’s strongly advised that you conduct thorough research before investing in cryptocurrencies, including meme coins.

Read More

2024-05-08 13:33